Today’s Mortgage Rates updated as of November 20, 2024 6:22 pm
5-year fixed*
5-year Variable*
*Insured loans. Other conditions apply. Rate in effect as of today.
The Saskatchewan mortgage rate market is highly competitive, making it easier to find a better rate. When lenders compete, they are more open to negotiating and meeting or beating the rate other lenders offer. However, navigating the complexities of mortgages and understanding what is right for you can be challenging. It’s essential to remember that rate is not the only factor.
So speaking to unbiased experts such as a mortgage broker or your real estate agent can help you find the answers to make an informed decision. Because rates are based on your financial history, it can be difficult to find the lowest rate if your credit score is less than stellar or your history is not yet established. Therefore, seeking assistance from a mortgage broker to weigh your options is the most direct route to better mortgage rates.
Saskatchewan housing sales were down 21% year-over-year in April, a noted drop below long-term, 10-year averages. Despite a 4% reduction in new listings from 2022, there were still nearly five months of inventory. Lower inventory tends to drive prices higher, which was noted in Saskatchewan’s benchmark price of $323,600.
There is more balance province-wide, but the location impacts the price range, as always. Conditions are tight in areas where prices are low, which is expected. More balance is seen in areas with higher prices. With higher mortgage rates, it makes sense that buyers are seeking the best purchase price to get more for their budgets.
If you have your sights set on home ownership, there are a few tips you can use as a first-time home buyer to help reduce your mortgage burden, including:
Comparison shopping is always recommended to find the best mortgage rate in Saskatchewan. However, this is a time-consuming and stressful process as you will need to apply for mortgages to understand the rate you’d qualify for. Instead, using a mortgage broker like Citadel Mortgages will provide an easier way to learn more about the rates available across a comprehensive selection of lenders in the province. They will consider your financial history and apply to the lenders that make the most sense for your situation.
Because the province’s population drives Canada’s mortgage rates, Saskatchewan tends to have fewer options compared to Ontario, British Columbia, and Alberta. That said, Saskatchewan is experiencing increasing competition in the mortgage industry which can help keep interest rates lower. Higher delinquency rates can also impact interest rates, making lenders in Saskatchewan areas such as Regina more hesitant to offer their best rates than in an area such as Saskatoon, where delinquency rates are lower. Here is a comparison between the best rates in Saskatchewan and Canada:
You can save tens of thousands of dollars over the life of your mortgage by differences as little as .25%.
Down payment requirements are based on the mortgage amount as follows:
The closing costs including legal fees, land transfer taxes, home inspection fees, etc., average between 1.5% and 4% of your home’s purchase price.
No.
Yes. A mortgage broker will shop for the best mortgage rates on your behalf based on your financial circumstances.
The best mortgage rate in Saskatchewan is a five-year fixed mortgage at Canadian Lender for 4.69%.
You might find a better rate in Saskatoon, as the area has historically seen lower delinquency rates than Regina.
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While 33% of non-homeowners believe they’ll never own*, our Citadel mortgage brokers are 100% confident they can make it happen. How? With our expert advice and guidance.
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
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“Instant Approval, Conditional Approval, Pre-Approval” – Borrower subject to credit and underwriting approval. Not all borrowers will be approved for conventional financing or equity financing. Receipt of the borrower’s application does not represent an approval for financing or interest rate guarantee. Restrictions may apply; Annual APR is subject to approval and underwriting; APR includes all fees and rates calculated on a yearly term. APR varies; contact us for current rates or more information on a specific product. OAC. Citadel Mortgages. All
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